The last date to link your PAN and Aadhaar Card has been fixed at March 31, 2022, by the government of India. If you do not link these cards by the last date, you may be subjected to a number of penalties. For one, your PAN Card will become inoperative.
PAN Card is necessary to conduct financial transactions like opening a new bank account, investing in the share market etc. Also, it is mandatory to quote your PAN card while applying for an Income Tax return and for interest payment.
If you do not link your PAN and Aadhaar card, your PAN card cannot be furnished in any further transactions. However, you can link both the cards after the deadline by paying a penalty.
What Happens If You Do Not Link Your PAN-Aadhaar Card By March 31?
- The PAN Card will become inoperative, you will not be able to use it for further transactions.
- You may be liable to a fine of Rs 10,000 under the Income Tax Act, 1961.
- If you link the two cards after the deadline, you will have to pay a penalty. According to Economic Times, the penalty has not been fixed yet. However, the report also added that the penalty cannot be more than Rs 1,000.
- You will not be able to file your Income Tax Return (ITR) without linking your PAN and Aadhaar card.
- You will not be able to invest in the share market. It is mandatory to produce your PAN card while opening a Demat account.
